Friday's selloff wiped out the stock market's gains for the week. The Dow is now down 8% on the year, while the S&P 500 is off 5%. Strong performance by tech and biotech stocks have kept the Nasdaq afloat. It's still up 2% this year.

Banking stocks continue to reel in the wake of the Fed decision as hopes that higher rates would translate to fatter profits on loans have been dashed. Shares of Regions Financial(RF), KeyCorp(KEY) and SunTrust Banks(STI) retreated more than 3% apiece.

Energy stocks are also sinking as crude oil plunged nearly 5% below $45 a barrel. Fears about global growth eating into oil demand have only been amplified by the Fed decision.

Copper, another good gauge of economic sentiment, slid 3%.

Commodity-centric stocks like Freeport McMoRan(FCX), Diamond Offshore Drilling(DO) and Transocean(RIG) were among the biggest losers in the S&P 500 on Friday.